Charleston Real Estate Market Update by Area and Price Range

Here is the second installment of our Charleston SC real estate market update for the last quarter of 2012. Let’s now look at absorption rates by area and price range. When you look at these numbers, keep in mind that while parts of Charleston have reverted back to a strong sellers’ market, others have seen very few closings in the past several months. So when we’re asked, “How is Charleston’s real estate market?” the answer is that it completely depends on what area and price you will be considering.

The MLS statistics show a sellers’ market in these areas and price ranges:

• Under $250K: West Ashley, James Island, Johns Island, Folly Beach, Wadmalaw, Mt. Pleasant, Downtown Charleston (inside the Crosstown), Summerville, Hanahan, Goose Creek (the southern section), Wando/Cainhoy, and Daniel Island
• $250-500K: West Ashley (outside of I-526), Mt. Pleasant, Goose Creek (the southern section), and Daniel Island
• $500-750K: Wadmalaw, Mt. Pleasant (south of the Isle of Palms Connector), and Daniel Island
• The $750K to $1 million price bracket had no sellers’ markets in any of the areas
• $1 million plus: Edisto Island was the only area with a sellers’ market

You’ll see a balanced market in these prices and MLS areas:

• Under $250K: North Charleston, Isle of Palms, Downtown Charleston (outside the Crosstown), Goose Creek (the northern section)
• $250-500K: West Ashley (inside 526), James Island, Johns Island, Downtown Charleston (outside Crosstown), parts of Summerville, Hanahan, and northern Goose Creek
• $500-750K: West Ashley (inside 526), North Charleston (outside 526), Isle of Palms, Downtown (outside of Crosstown), and Cainhoy/Wando
• $750K to $1 million: Mt. Pleasant (south of IOP Connector)
• The $1 million plus range saw no areas with balanced markets

A buyers’ market means 8 to 12 months’ supply in:

• Under $250K: Rural West Ashley, Edisto, and Moncks Corner
• $250K to $500K: Rural West Ashley, North Charleston (outside 526), Isle of Palms, Wild Dunes, Downtown (inside Crosstown), parts of Summerville, and Wando/Cainhoy
• $500-750K: James Island, Folly Beach, Kiawah and Seabrook, Edisto, Mt. Pleasant (north of IOP Connector), and Downtown (inside Crosstown)
• $750K to $1 million: Sullivan’s Island, Isle of Palms, Downtown (inside Crosstown), and Daniel Island
• $1 million plus: West Ashley (inside 526) and Daniel Island

In these areas and prices, the statistics reflect a slow buyers’ market (meaning it would take more than 12 months to sell the current inventory of homes listed):

• Under $250K: Kiawah and Seabrook (absorption rate is 17 months)
• $250-500K: Folly Beach (30 months), Kiawah and Seabrook (18 months), Edisto (33 months), North Charleston inside 526 (18 months), and Moncks Corner (36 months)
• $500-750K: West Ashley outside 526 (16 months), Rural West Ashley (13 months), Johns Island (18 months), Wild Dunes (23 months), and parts of Summerville (averaging about 22 months)
• $750K to $1 million: West Ashley inside 526 (30 months), Folly Beach (30 months), Johns Island (17 months), Kiawah and Seabrook (14 months), Mt. Pleasant north of the IOP Connector (120 months), Wild Dunes (19 mos), Wando/Cainhoy (18 months)
• $1 million plus: James Island (21 mos), Folly Beach (80), Wadmalaw (27), Kiawah and Seabrook (30), Mt. Pleasant north of IOP Connector (88), Mt. Pleasant south of IOP (34), Sullivan’s Island (14), Isle of Palms (23), Wild Dunes (17), Downtown inside Crosstown (18), Wando/Cainhoy (16)

See Part 1 of our Charleston real estate market update

View the next installment of our market update